Westpac launches Capital Notes 5 offer

Company News

by Kathy Skantzos

Westpac (ASX:WBC) has announced the launch of its Capital Notes 5, which is intending to raise approximately $750 million.

Each note will have an issue price of $100 and is expected to pay quarterly distributions.

The margin is expected to be between 3.2 and 3.4 per cent per annum over the 90 day bank bill rate.

The offer will open on 13 February 2018 and close on 6 March 2018.

The notes will qualify as additional Tier 1 capital for Westpac, and the proceeds received will be used for general business purposes.

Shares in Westpac (ASX:WBC) closed 0.89 per cent higher on Friday at $31.70.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.